German Finance Minister Wolfgang Schaeuble sees a "very serious" risk that the stand-off with Russia over Ukraine will have an economic impact on Europe but it will be manageable and should not affect German public finances, he said on Wednesday.

"We take the financial and economic risks from the serious situation in Ukraine, it's not just about Crimea, very seriously but we believe the economic and financial effects are and will be manageable," he told a news conference to present Germany's 2014 budget plans.

"I think that applies to Germany and to Europe overall," Schaeuble said, adding that Germany's budget and financing plans for 2014 "will not be negatively affected by it."

German Finance Minister Wolfgang Schaeuble sees a very serious risk that the stand-off with Russia over Ukraine will have an economic impact on Europe but it will be manageable and should not affect German public finances, he said on Wednesday.